Morning Comments June 25, 2018
Monday, June 25, 2018, 8:06 AM
Submitted by: Landus Cooperative
Corn: 2 to 4 cents lower
Beans: 9 to 12 cents lower
The corn market is trading lower this morning. The weakness in the soybean market and a forecast that may not be quite as concerning are both negatives for the corn market this morning.
One factor this week will be trade anticipation of this Friday’s USDA acreage and stocks reports. Many in the trade are anticipating a slight decline in the USDA’s updated acreage report and that could be supportive.
The soybean market is trading lower this morning. The USDA’s weekly crop condition rating is expected to be unchanged from last week’s high rating and that along with the expectation that bean acres in Friday’s report could be increased by as much as 500,000 to 900,000 acres are going to make the going tough on the upside for beans. The trade over the next few days will talking about the Friday’s USDA acreage and stocks reports as well as the deadline for when China can begin taxing U.S. soy imports (July 6th).
The September dollar index is trading slightly higher this morning at 94.22. This morning the August crude oil contract is trading either side of steady at just above the $68.50 level.